据弗若斯特沙利文报告数据，截至 2024 年，铜师傅在中国铜质文创工艺产品市场按总收入计位列第一，市场份额达 35%。 若成功上市，铜师傅将成为 " 铜文创第一股 "。 纯铜文创产品年入 5 亿 上半年，年轻人买爆了泡泡玛特 LABUBU，其实，一直被忽视的中年男人们也有自己的 " 泡泡玛特 "。 近日，杭州铜师傅文创（集团）股份有限公司（以下简称：铜师傅）再度递表港交所冲击上市。铜师傅主营铜质文创产品，专注于将传统工艺与 现代设计和使用场景相结合。其主要消费人群为 30 岁至 55 岁的男性，因此也被业内称为 " 中年男人的泡泡玛特 "。 都说 " 男性消费力不如狗 "，但铜师傅为男性消费力正名。 创始人俞光曾透露：" 我们疯狂的铜粉，一年可以买我们的产品一百多万。" 招股书数据显示，2022 年至 2024 年，铜师傅的收入持续稳定增长，分别为 5.03 亿元、5.06 亿元及 5.71 亿元；净利润分别为 5693.8 万元、4413.1 万元和 7898.2 万元，同期毛利率分别为 32.2%、32.4% 及 35.4%。 2025 年上半年，铜师傅营收 2.92 亿元，较 2024 年同期同比减少 ...

据弗若斯特沙利文报告数据，截至2024年，铜师傅在中国铜质文创工艺产品市场按总收入计位列第一，市场份额达35%。 若成功上市，铜师傅将成为"铜文创第一股"。 纯铜文创产品年入5亿 都说"男性消费力不如狗"，但铜师傅为男性消费力正名。 创始人俞光曾透露："我们疯狂的铜粉，一年可以买我们的产品一百多万。" 上半年，年轻人买爆了泡泡玛特LABUBU，其实，一直被忽视的中年男人们也有自己的"泡泡玛特"。 近日，杭州铜师傅文创（集团）股份有限公司（以下简称：铜师傅）再度递表港交所冲击上市。铜师傅主营铜质文创产品，专注于将传统工艺与现代设计 和使用场景相结合。其主要消费人群为30岁至55岁的男性，因此也被业内称为"中年男人的泡泡玛特"。 招股书数据显示，2022年至2024年，铜师傅的收入持续稳定增长，分别为5.03亿元、5.06亿元及5.71亿元；净利润分别为5693.8万元、4413.1万元和7898.2 万元，同期毛利率分别为32.2%、32.4%及35.4%。 2025年上半年，铜师傅营收2.92亿元，较2024年同期同比减少11.2%，其表示，主要由于公司策略性地将更多研发资源分配至铜质摆件，继而推出的铜雕 画 ...

作者｜卓玛 编辑｜刘钦文 走进一家广东菜馆，你或许能在店门口的香案上看到老板供奉的铜质关公像，而正在店里巡视的老板手 中或许也正在"盘"着一个铜质的小葫芦，这两种产品或许都出自一家名为杭州铜师傅文创（集团）股份 有限公司（下称"铜师傅"，H2150.HK）的企业。 近日，主营铜质文创产品的铜师傅在资料失效后，二次向港交所递交了《招股书》，该公司被市场称 为"中年男人的泡泡玛特"。而在此次赴港上市前，铜师傅曾试图赴深交所创业板上市，并于2022年6月 开启上市辅导，但2024年9月，公司终止了辅导，并向证监会浙江监管局提交了终止申请。 《招股书》显示，此次赴港上市，铜师傅拟将所募资金用于投资产品开发及设计能力、提高产能及履约 灵活性、加强销售渠道及营销能力、升级数字化和信息基础设施，以及营运资金及一般公司用途。 01 拥有《权游》《哪吒2》等授权IP， 产品售价从几十元到数万元不等。 图源：《招股书》 此外，铜师傅还通过与文化机构、博物馆和娱乐公司进行合作，持有少量授权IP，包括《权力的游戏》 《复仇者联盟》《哪吒之魔童闹海》《浪浪山小妖怪》等，各期授权IP产品分别实现收入2966.5万元、 5914万元、35 ...

来源：豹速科技财经 一个年规模仅16亿元、增长平缓的细分赛道，能否支撑起一家上市公司的长期增长叙事？ 撰稿氢小妹，全文4100字，欢迎点击文首订阅豹速科技财经。 近日，杭州铜师傅文创（集团）股份有限公司（以下简称"铜师傅"）向港交所主板第二次提交上市申 请，引发市场广泛关注。 作为中国铜质文创工艺市场的绝对领头羊，铜师傅凭借高达35%的市场份额占据行业首位，2024年营收 5.71亿元、净利润7898.2万元的业绩也颇为亮眼。 不过，在龙头光环之下，这家被称为"小米体系外最像小米的企业"，其招股书所呈现的图景却呈现出明 显的两面性： 一面是凭借"性价比"策略构筑的品类护城河与稳定的市场地位； 另一面是营收增长缓慢、业务高度单一、线上渠道过度集中的结构性隐忧，以及铜价高位运行、赛道天 花板清晰所引发的增长焦虑。 从深交所创业板到港交所，铜师傅的资本征途并非坦途。 这家成立十余年的文创品牌，正站在一个关键的十字路口： 港股市场能否成为其突破瓶颈、实现"综合文创平台"转型的跳板？ 资本市场的审视目光，又将如何评价其"小而美"的生意模式所面临的成长性考验？ 1 龙头地位 与增长瓶颈 铜师傅的崛起，是一个典型的商业"平 ...

来源：《理财周刊》 今年以来，港股 IPO 市场持续复苏，吸引众多国内企业纷纷转战港交所冲击资本市场。 继2025年5月首次递表失效后，2025年11月25日，中国铜质文创龙头杭州铜师傅文创（集团）股份有限 公司（以下简称"杭州铜师傅"或"公司"）的二次向港交所主板递交招股书，招银国际担任独家保荐人。 2025年上半年利润骤降24% 盈利受铜价波动影响 近年来，公司也在不断打造塑胶潮玩、银质文创产品、黄金文创产品等多元产品线，但是招股书显示， 2022年至2024年，其铜质文创产品销售收入占总营收的比例分别高达 95.4%、96.3% 及 96.6%，以及截 至2025年6月30日前，铜质文创产品销售收入占比依然高达94.9%。近三年间，形成"一铜独大"的业务格 局，导致公司业务结构极度单一。 公司开拓的其他产品线如塑胶潮玩、金银文创产品等也都未有起色。截至2025年6月30日前，塑胶潮 玩、金银文创等非铜质产品对公司营收的贡献总计约5.1%，投入产出严重失衡，并且这种单一的产品 结构或致使公司抗风险能力较弱。 公司招股书上显示，杭州铜师傅是一家以铜艺术品制造为核心业务的企业，专注于将传统工艺与现代设 计相结 ...

Core Viewpoint - The article discusses the rise of "Tong Shifu," a company specializing in copper crafts, which has gained significant market attention and is often referred to as "the Bubble Mart for middle-aged men" [4][6]. Company Overview - Tong Shifu primarily sells copper crafts, including popular IP collaborations and traditional items like copper gourds and wealth sculptures [4][6]. - The company has submitted its application for listing on the Hong Kong Stock Exchange for the third time, following previous attempts that were unsuccessful [6][8]. Financial Performance - Tong Shifu has established itself as a leader in the industry, with annual revenues consistently above 500 million RMB, achieving 571 million RMB in 2024 and 308 million RMB in the first half of 2025 [8][18]. - The revenue breakdown shows that copper cultural products contribute nearly 95% of total revenue, with a significant reliance on a single product line [22][23]. Market Position and Challenges - Despite being a market leader with over 30% market share, the company faces growth limitations due to the small size of the copper craft market, projected to grow from 1.6 billion RMB in 2024 to only 2.3 billion RMB by 2029 [18][19]. - The company's profitability has shown volatility, with a notable decline in net profit in the first half of 2025, raising concerns about its growth sustainability [18][19]. Strategic Initiatives - To overcome growth ceilings, Tong Shifu has expanded its offline presence and is exploring international markets, while also launching sub-brands to tap into different segments [26][27]. - The company has engaged in collaborations with various IPs to attract attention, although there are concerns about the effectiveness of this strategy in meeting core consumer demands [28][34]. Investment and Ownership - The company has received significant backing from Xiaomi's ecosystem, with Xiaomi's capital contributing to its growth and operational strategies [16][18]. - The founder, Yu Guang, has integrated Xiaomi's value proposition of high cost-performance into Tong Shifu's business model, which has been crucial for its rapid rise [16][18]. Future Outlook - The upcoming listing is seen as a way to enhance brand credibility and market presence, although there are questions about the company's ability to maintain its growth trajectory amid market challenges [36][37]. - The focus on maintaining craftsmanship and cultural significance will be critical for Tong Shifu as it navigates the competitive landscape and seeks to expand its consumer base [37].

Core Viewpoint - The company, Hangzhou Tongshifu Cultural Creative (Group) Co., Ltd., is seeking a second attempt to list on the Hong Kong Stock Exchange, having previously submitted an application in May 2025. It holds a leading position in the Chinese copper cultural creative product market with a market share of 35% as of December 31, 2024 [1][11]. Financial Performance - The company has shown stable growth, with projected revenues of 571 million RMB and a net profit of approximately 78.98 million RMB for 2024. The revenue figures from 2022 to 2024 are 503 million RMB, 506 million RMB, and 571 million RMB, respectively, indicating a steady upward trend [1][3]. - The net profit for 2024 is expected to increase by 79% compared to 2023, reflecting a significant improvement in profitability [3]. Product Structure - The company heavily relies on copper cultural creative products, which accounted for over 96% of total revenue from 2022 to 2024. The sales revenue from copper products was 480 million RMB in 2022, 488 million RMB in 2023, and 551 million RMB in 2024 [3][4]. - The company is also expanding its product range to include gold, silver, and plastic materials, aiming to meet contemporary consumer aesthetics and usage scenarios [2]. Market Position - The copper cultural creative product market in China has grown from 1.1 billion RMB in 2019 to an estimated 1.6 billion RMB in 2024, with projections to reach 2.3 billion RMB by 2029. The largest product category, copper ornaments, represents over 75% of the market [13]. - The company maintains a strong market position, with the top three players in the market collectively holding over 71.9% of the market share [11]. Sales Channels - The company generates over 70% of its revenue from online sales, primarily through major e-commerce platforms like Tmall, JD.com, and Douyin. Online direct sales accounted for 70.6% of total revenue in 2022, 69.9% in 2023, and 70.5% in 2024 [8][9]. - The reliance on online channels poses risks, including potential internal competition and pricing inconsistencies due to overlapping consumer bases across different platforms [10]. Challenges - The company faces challenges such as a single product dependency, slow revenue growth, and valuation volatility. The annual compound growth rate from 2022 to 2024 was only 6.54%, significantly lower than the industry average [5][6]. - The company is also vulnerable to fluctuations in copper prices, which have risen from 47,600 RMB per ton in 2019 to 75,000 RMB per ton in 2024, impacting profitability [7]. Strategic Recommendations - To address current challenges, the company is advised to adopt a "culture + technology" dual-drive strategy, focusing on content innovation, brand building, product diversification, and supply chain optimization [14].

Core Viewpoint - The company, Hangzhou Tongshifu Cultural Creative Co., Ltd., known as "the Bubble Mart for middle-aged people," is attempting to overcome development bottlenecks through capitalization, but faces challenges such as a limited market size for copper craft products and a single product structure [3][4]. Company Overview - Tongshifu has appointed CITIC Lyon Securities as the overall coordinator for its IPO process on the Hong Kong Stock Exchange, having previously updated its prospectus [3]. - The company has faced difficulties in its listing journey, including a failed attempt to go public on the A-share market and multiple submissions to the Hong Kong Stock Exchange [5][6]. Financial Performance - The company's revenue has shown slight growth, with figures of CNY 5.03 billion in 2022, CNY 5.06 billion in 2023, CNY 5.71 billion in 2024, and CNY 3.08 billion in the first half of 2025 [9]. - Gross profit margin has improved from 32.2% to 35.1%, indicating enhanced profitability, but net profit has fluctuated significantly, with a drop of 23.9% in the first half of 2025 compared to the same period in 2024 [9]. Product Dependency - Copper craft products account for over 90% of the company's revenue, with a consistent contribution of around 95% from 2022 to 2025 [9][10]. - The average selling price of these products has decreased from CNY 363.7 per unit in 2022 to CNY 290.4 in the first half of 2025, indicating pricing pressure [9]. Market Challenges - The domestic market for copper craft products is limited, projected to grow from CNY 1.1 billion in 2019 to CNY 1.6 billion by 2024, with a compound annual growth rate of 7.7% expected until 2029 [10]. - The company is attempting to diversify its product offerings but has not yet established a second growth curve, with new segments like plastic toys and silver crafts contributing minimally to revenue [10][11]. Sales Channels - The company heavily relies on online sales, which accounted for over 79% of total revenue from 2022 to the first half of 2025, but the average transaction value has decreased significantly [11]. - The offline presence is limited, with only 11 direct stores and 63 franchised stores as of mid-2025 [11]. Intellectual Property Strategy - The company primarily focuses on self-developed IP, with over 90% of SKU revenue coming from in-house creations since 2022, but licensed IP contributions remain limited [12]. - The introduction of new SKUs continues, with 528 new self-developed products planned for 2024 [12]. Future Outlook - The second submission for the Hong Kong IPO is seen as a critical opportunity for the company, but it must address issues related to its single product structure and lack of growth momentum to succeed [12].

Core Viewpoint - The company, Hangzhou Copper Master Cultural (Group) Co., Ltd., faces multiple challenges in its capital market journey, including price fluctuations of copper, limited customer base expansion, and slow market growth, despite being the market leader in China's copper cultural crafts [1][3][9]. Group 1: Market Position and Financial Performance - Copper Master holds the top market share in China's copper cultural crafts, with its copper products accounting for over 90% of total revenue from 2022 to the first half of 2023 [3][4]. - Revenue from copper cultural products for 2022 and the first half of 2023 was approximately 4.8 billion yuan, 4.88 billion yuan, 5.51 billion yuan, and 2.92 billion yuan, representing 95.4%, 96.3%, 96.6%, and 94.9% of total revenue respectively [3][4]. - The average selling price of copper cultural products has decreased from 363.7 yuan in 2022 to 290.4 yuan in the first half of 2023, attributed to a shift in consumer preference towards lower-priced products [5]. Group 2: Challenges and Risks - The company is highly sensitive to copper price fluctuations, with average copper prices rising from 47,600 yuan per ton in 2019 to 77,600 yuan per ton by June 30, 2023, which could impact procurement costs and overall revenue [4]. - The gross margin for copper cultural products has been relatively low, with figures of 32.5%, 31.9%, 35.2%, and 35.3% from 2022 to the first half of 2023, lagging behind other product categories [4]. - The company has struggled to develop blockbuster IPs, which are crucial for expanding its market reach and customer base [6][8]. Group 3: Product Development and IP Strategy - Copper Master has launched a significant number of new SKUs based on both self-developed and licensed IPs, with 407, 350, and 528 new self-developed SKUs introduced from 2022 to 2024 [6]. - The company’s self-developed IPs have generated approximately 1.3 billion yuan and 1.08 billion yuan in revenue, but overall IP revenue has only accounted for about 20% of total revenue in recent years [6][8]. - The company is expanding its product categories to include plastic toys and silver cultural products, but revenue from these categories remains low, indicating a need for further market penetration [7][8]. Group 4: Industry Outlook and Competitive Landscape - The market for metal cultural crafts is projected to grow from 23.1 billion yuan in 2019 to 29.3 billion yuan by 2029, while the plastic resin category is expected to grow significantly more, indicating limited growth potential for copper products [9]. - The company’s transition from the Shenzhen Stock Exchange to the Hong Kong Stock Exchange aims to leverage more flexible listing conditions and enhance its international presence [9][11]. - Competitors like Zhu Bingren Copper Art Co., Ltd. are also pursuing listings, highlighting the competitive nature of the industry [10].

Core Viewpoint - Hangzhou Tongshifu Cultural and Creative Co., Ltd. (hereinafter referred to as Tongshifu) has re-submitted its listing application to the Hong Kong Stock Exchange after its initial submission expired in May 2025, aiming to capitalize on its unique position in the copper cultural product market [1] Group 1: Company Overview - Founded in 2013 by entrepreneur Yu Guang, Tongshifu has successfully transformed the niche market of copper products into a business with annual revenue reaching 500 million yuan [1] - The company has a strong focus on copper cultural products, with revenue from these products consistently accounting for over 95% of total income during the reporting period [1][2] Group 2: Market Position - According to a report by Frost & Sullivan, Tongshifu ranks first in the Chinese copper cultural craft product market with a market share of 35% as of the end of 2024 [2] - The company has established a matrix of self-developed and licensed intellectual properties (IPs), with over 90% of its revenue coming from self-developed IPs, showcasing its strong original design capabilities [2] Group 3: Business Model - Tongshifu's growth trajectory is heavily influenced by the Xiaomi model, with Yu Guang being a self-proclaimed "hardcore Mi Fan" who has integrated Xiaomi's value proposition into the company's core [3] - The company has adopted marketing strategies similar to Xiaomi, such as the "Copper Fan Festival," to enhance customer engagement and brand loyalty [3] Group 4: Financial Performance - Tongshifu has achieved continuous profitability, with revenue increasing from 503 million yuan to 571 million yuan during the reporting period; however, net profit has shown volatility, with figures of 56.94 million yuan, 44.13 million yuan, and 78.98 million yuan [4] - In 2023, the company experienced a double-digit year-on-year decline in net profit, and in the first half of 2025, net profit fell by 23.9% to 30.24 million yuan [5]